The biggest threat to the state’s economy in the coming years will be Donald Trump’s re-election as US president, as his policies are expected to worsen the state of international trade, New South Wales Finance Minister Daniel said. Mukhi, writes WAToday in June. fifteen.
Ahead of the state budget for the new financial year, Mukhi said New South Wales would suffer if Trump wins the US election in November and delivers on a campaign promise to impose 10 per cent tariffs on all US imports and even higher tariffs on some countries.
“If we were to discover the radical changes to the global trading system that Mr Trump is trying to impose, they would obviously have a huge impact on Australia and New South Wales.””Muki emphasized in an interview dedicated to budgeting.
“I’m not going to interfere in American politics, but if you ask me, what is the biggest threat? Well, obviously we have to keep an eye on that.”he added.
Of the real problems that have already arisen for the state’s economy, new spending will be limited in the budget, which will be approved on June 18. Mukhi warned New South Wales coffers would be cut by A$11.9 billion over the next four years due to the Federal Grants Commission’s decision to cut state funding.
Spending on housing will be essential: it will be necessary to build 75,000 apartments a year in the state to combat the real estate crisis. Additionally, the regional government plans to increase rates for foreigners buying homes in the state to increase affordability for the local population.
This will be New South Wales’ fifth consecutive deficit budget since 2019-20. But Mukhi promised there are no plans for further spending cuts to improve the treasury situation.
Source: Rossa Primavera
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